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How do lease with an option to buy work (homes)?
I mean how do you know that the seller is paying the first lein, when you are paying him or her? Is their any contract (protection) you have with the mortgage company or do you just deal with the seller?
Public Comments
- Usually the lease will have a period in which you make payment and at the end you have the option to purchase the amount less payments you have already made.
- Be in contact with the mortgage company and have them let you know if bill is not paid on time.
- Each contract is different with the Property's Terms & Conditions (T&C's). It could be costly as well.
- It means the seller is planning to sell the home and you the tenant has first priority to buy as stated in the leasing contract. If you buy, you would have your own mortgage with a lender who lends you the money to buy the house. You have nothing to do with the sellers mortgage company. The down side to these contracts are if you don't like the offering price and you want to offer less, then the contract is invalid to you and the seller sells to anyone else who accepts the price.
